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Value of Business Acquired, Goodwill and Other Intangible Assets (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items] |
Schedule of Value of Business Acquired | Information with regard to value of business acquired was as follows: Schedule of Value of Business Acquired
|  | 2022 |  |  | 2021 |
|  | December 31 |
|  | 2022 |  |  | 2021 |
Balance at beginning of year |  | $ | 8,421,432 |  |  | $ | 8,955,249 |
Value of business acquired |  |  | 2,136,085 |  |  |  | 586,840 |
Imputed interest at 7% included in earnings |  |  | 642,919 | (1) |  |  | 613,028 | (1)
Amortization included in earnings |  |  | (1,907,250 | )(1) |  |  | (1,728,157 | )(1)
Shadow amortization included in other comprehensive income |  |  | 510,550 |  |  |  | (5,528 | )
Net amortization |  |  | (753,781 | ) |  |  | (1,120,657 | )
Balance at end of year |  | $ | 9,803,736 |  |  | $ | 8,421,432 |
(1) |  | Included in Amortization of deferred policy and pre-need acquistion costs and value of business acquired on the consolidated statements of earnings
Schedule of Acquisitions Net Amortization Charged to Income | Presuming no additional acquisitions, net amortization charged to income is expected to approximate the following: Schedule of Acquisitions Net Amortization Charged to Income
2023 |  | $ | 1,181,000 |
2024 |  |  | 1,098,000 |
2025 |  |  | 995,000 |
2026 |  |  | 924,000 |
2027 |  |  | 841,000 |
Thereafter |  |  | 4,764,736 |
Total |  | $ | 9,803,736 |
Schedule of Goodwill by Segment | Information regarding goodwill by segment was as follows: Schedule of Goodwill by Segment
|  | Life Insurance |  |  | Cemetery/ Mortuary |  |  | Total |
Balance at January 1, 2021: |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  | $ | 2,765,570 |  |  | $ | 754,018 |  |  | $ | 3,519,588 |
Accumulated impairment |  |  | - |  |  |  | - |  |  |  | - |
Total goodwill, net |  |  | 2,765,570 |  |  |  | 754,018 |  |  |  | 3,519,588 |
Acquisition |  |  | - |  |  |  | 1,734,195 | (1) |  |  | 1,734,195 |
Balance at December 31, 2021: |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  |  | 2,765,570 |  |  |  | 2,488,213 |  |  |  | 5,253,783 |
Accumulated impairment |  |  | - |  |  |  | - |  |  |  | - |
Total goodwill, net |  |  | 2,765,570 |  |  |  | 2,488,213 |  |  |  | 5,253,783 |
Acquisition |  |  | - |  |  |  | - |  |  |  | - |
Balance at December 31, 2022: |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  |  | 2,765,570 |  |  |  | 2,488,213 |  |  |  | 5,253,783 |
Accumulated impairment |  |  | - |  |  |  | - |  |  |  | - |
Total goodwill, net |  | $ | 2,765,570 |  |  | $ | 2,488,213 |  |  | $ | 5,253,783 |
(1) |  | See Note 20 regarding the acquisition of Rivera Funerals, Cremations and Memorial Gardens and Holbrook Mortuary
Schedule of Carrying Value of Intangible Asset | The carrying value of the Company’s other intangible assets were as follows which is included in other assets: Schedule of Carrying Value of Intangible Asset
|  |  |  | December 31 |
|  | Useful Life |  | 2022 |  |  | 2021 |
Intangible asset - trade name (1) |  | 15 years |  | $ | 2,100,000 |  |  | $ | 2,100,000 |
Intangible asset - customer lists |  | 15 years |  |  | 890,000 |  |  |  | 890,000 |
Intangible asset - trade name (2) |  | 15 years |  |  | 610,000 |  |  |  | 610,000 |
Intangible assets - other (1) |  | 15 years |  |  | 210,000 |  |  |  | 210,000 |
Less accumulated amortization |  |  |  |  | (553,333 | ) |  |  | (297,333 | )
Balance at end of year |  |  |  | $ | 3,256,667 |  |  | $ | 3,512,667 |
(1) |  | See Note 20 regarding the acquisition of Rivera Funerals, Cremations and Memorial Gardens
(2) |  | Kilpatrick Life
Schedule of Estimate of Future Amortization for Other Intangible Assets | The following table summarizes the Company’s estimate of future amortization of its existing MSRs carried at amortized cost. This projection was developed using the assumptions made by management in its December 31, 2022 valuation of MSRs. The assumptions underlying the following estimate will change as market conditions and portfolio composition and behavior change, causing both actual and projected amortization levels to change over time. Therefore, the following estimates will change in a manner and amount not presently determinable by management. Schedule of Finite-Lived Intangible Assets, Future Amortization Expense, Mortgage Servicing Rights
|  | Estimated MSR Amortization |
2023 |  | $ | 316,449 |
2024 |  |  | 286,934 |
2025 |  |  | 260,259 |
2026 |  |  | 234,139 |
2027 |  |  | 211,523 |
Thereafter |  |  | 1,730,461 |
Total |  | $ | 3,039,765 |
Other Intangible Assets [Member] |
Finite-Lived Intangible Assets [Line Items] |
Schedule of Estimate of Future Amortization for Other Intangible Assets | The following table summarizes the Company’s estimate of future amortization for the other intangible assets: Schedule of Estimate of Future Amortization for Other Intangible Assets
2023 |  | $ | 254,000 |
2024 |  |  | 254,000 |
2025 |  |  | 254,000 |
2026 |  |  | 254,000 |
2027 |  |  | 254,000 |
Thereafter |  |  | 1,986,667 |
Total |  | $ | 3,256,667 |

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